State Bank of Pakistan (SBP) has released the Financial Stability Review Report for the year 2022.
The State Bank says that last year was difficult for the Pakistani economy, the economic imbalance was aggravated by unfavorable external environment, double deficit, inflation, floods, delays in the International Monetary Fund (IMF) program had an impact.
According to the review report, global commodity prices and interest rates were also affected, with the financial sector performing well despite all the headwinds.
According to the report, assets of financial sector increased by 18.3 percent due to investment, asset growth of banks was 19.1 percent.
According to State Bank, non-performing loan ratio has decreased from 7.9% to 7.3% in 2022, Islamic banking is growing at 29.6%, microfinance sector is under pressure due to deficit.
According to the review report, in 2022, the second phase of the payments system will be implemented, licensing and regulatory framework for digital banking will be given.
The report said that the State Bank’s comprehensive monitoring and safeguarding framework for financial stability is working, and this monitoring and safeguarding framework was further strengthened in FY2022.
The State Bank says that the Financial Stability Review is an examination of compliance with the State Bank Act, market, infrastructure, performance and risks of banks and financial institutions.
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